Logo 09 Jun 2026

Fiscal roundup | Beijing taps record SOE profits into government’s coffers

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To read this roundup as a PDF, click here. Introduction For the past couple of years Beijing’s spending ambitions – from expanding social security to implementing more expansionary fiscal policy – have been constrained by lousy tax revenue growth.

Revenue grew by a measly 0.8% y/y in 2025, followin...